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ON Semiconductor Corp.
ONSemiconductorsGenerated Aug 19, 2026, 10:31 PM UTC
ON (ON Semiconductor Corp.) analytical snapshot. Revenue declined +15.3% YoY to $6.00B. 5-year revenue CAGR -2.3%; 10y CAGR +4.9%. Net margin at 2.02% (contracting ▼). Market cap $29.81B at $76.58 per share. Trailing P/E 264.07, P/S 4.97, P/B 4.13. EV/Operating income ≈ 365.84 (EV $30.80B). Risk: Moderate. Macro: Risk-on · Supportive. Composite analytical score -46 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Market cap
$29.81B
389.31M shares
Price
$76.58
NMS
P/E (ttm)
264.07
Revenue (FY)
$6.00B
YoY -15.3%
Net margin
2.02%
▼ 20.83pp
Free cash flow
$1.42B
23.66% margin
Risk level
Moderate
Free SEC analysis
— computed from SEC filings, free to readFree previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 20Improving
80% conf
Latest annual report (10-K) filed Feb 9, 2026. Latest quarterly report (10-Q) filed Aug 3, 2026. 20 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 9, 2026.
- Latest quarterly report (10-Q) filed Aug 3, 2026.
- 20 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference ON Semiconductor Corp.; broad institutional reporting.
- Recent filers include CADIAN CAPITAL MANAGEMENT, LLC, CADIAN CAPITAL MANAGEMENT, LLC, Stone Harbor Investment Partners LP.
- 20 recent 13G passive institutional ownership notices.
Latest 10-K
Feb 9, 2026
Annual report
Latest 10-Q
Aug 3, 2026
8-K (recent)
20
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
0
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| CADIAN CAPITAL MANAGEMENT, LLC | 13F-HR | May 16, 2011 |
| CADIAN CAPITAL MANAGEMENT, LLC | 13F-HR | Feb 14, 2012 |
| Stone Harbor Investment Partners LP | 13F-HR | Oct 28, 2011 |
| Simcoe Capital Management, LLC | 13F-HR | Nov 14, 2019 |
| Simcoe Capital Management, LLC | 13F-HR | Feb 14, 2020 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Aug 13, 2026 | 8-K | 8-K |
| Aug 3, 2026 | 8-K | 8-K |
| Jun 25, 2026 | 8-K | 8-K |
| May 18, 2026 | 8-K | 8-K |
| May 12, 2026 | 8-K | 8-K |
| May 7, 2026 | 8-K | 8-K |
| May 6, 2026 | 8-K | 8-K |
| May 4, 2026 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -92Deteriorating
68% conf
7 risk signal(s), 1 positive signal(s), 1 watch item(s) detected from XBRL filing diff analysis. Revenue grew -15.3% but receivables grew +11.4% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Receivables outpacing revenue: Accounts receivable grew +11.4% YoY vs revenue growth of -15.3%. The +26.7% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Gross margin compression: Gross margin contracted +12.3%pp (from 45.4% to 33.1%). This may reflect input cost inflation, pricing pressure, or product mix shift toward lower-margin segments.
- Interest coverage deteriorating below 3x: Interest coverage fell from 18.63x to 1.13x. Operating income of $84.2M covers interest of $74.8M only 1.13x — approaching the threshold where debt service becomes constrained. Monitor for covenant breaches.
- NEW: Going concern doubt in latest filing: The term "going concern" "substantial doubt" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 1 filing(s).
- Material weakness in internal controls: The term "material weakness" "internal control" appears in 5 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 1 filing(s).
- Endogenous analysis: Revenue grew -15.3% but receivables grew +11.4% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- 10 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 4 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue, Restatement of financial statements, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls.
Revenue
$6.00B
-15.3% YoY
Gross profit
$1.98B
-38.3% YoY
Operating income
$84.2M
-95.2% YoY
Net income
$121.0M
-92.3% YoY
Operating cash flow
$1.76B
-7.7% YoY
Capex
$341.2M
-50.8% YoY
Total assets
$12.52B
-11.1% YoY
Total liabilities
$4.83B
-8.4% YoY
Filing quality score
80/100
10 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $7.08B | $6.00B | $-1.09B | -15.3% |
| Gross profit | $3.22B | $1.98B | $-1.23B | -38.3% |
| Operating income | $1.77B | $84.2M | $-1.68B | -95.2% |
| Net income | $1.57B | $121.0M | $-1.45B | -92.3% |
| Operating cash flow | $1.91B | $1.76B | $-146.6M | -7.7% |
| Capex | $694.0M | $341.2M | $-352.8M | -50.8% |
| Total assets | $14.09B | $12.52B | $-1.57B | -11.1% |
| Total liabilities | $5.28B | $4.83B | $-443.1M | -8.4% |
| Long-term debt | $3.38B | $2.98B | $-399.4M | -11.8% |
| Cash & equivalents | $2.69B | $2.15B | $-543.7M | -20.2% |
| Stockholders equity | $8.80B | $7.67B | $-1.12B | -12.8% |
| Inventory | $2.24B | $1.99B | $-252.4M | -11.3% |
| Accounts receivable | $629.8M | $701.5M | $71.7M | +11.4% |
| Interest expense | $94.9M | $74.8M | $-20.1M | -21.2% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | BusinessCombinationContingentConsiderationLiability, BusinessCombinationContingentConsiderationLiabilityCurrent, BusinessCombinationContingentConsiderationLiabilityNoncurrent, DerivativeAssets, DerivativeGainLossOnDerivativeNet, DerivativeLiabilities, LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities, LongTermDebtCurrent, PaymentsOfFinancingCosts, StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures |
| Removed | AccruedSalariesCurrent, AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment, BuildingsAndImprovementsGross, BusinessCombinationAcquisitionRelatedCosts, BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentIncomeTaxExpenseBenefit, CurrentStateAndLocalTaxExpenseBenefit, DeferredFederalIncomeTaxExpenseBenefit |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Going concern doubt | high | 1 | 0 | NEW |
| Material weakness in internal controls | high | 5 | 2 | Ongoing |
| Substantial doubt about ability to continue | high | 1 | 0 | NEW |
| Restatement of financial statements | high | 4 | 0 | NEW |
| Impairment charge | medium | 5 | 5 | Ongoing |
| Restructuring | medium | 5 | 9 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 5 | 2 | Ongoing |
Filing signal breakdown
Red flags: 7
Positive: 1
Watch: 1
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score -60Deteriorating
80% conf
Revenue declined +15.3% YoY to $6.00B. 5-year revenue CAGR -2.3%; 10y CAGR +4.9%. Net margin at 2.02% (contracting ▼).
- Revenue declined +15.3% YoY to $6.00B.
- 5-year revenue CAGR -2.3%; 10y CAGR +4.9%.
- Net margin at 2.02% (contracting ▼).
- Return on equity 1.58%, ROA 0.97%, ROIC 0.79%.
- Gross margin 33.09%, operating margin 1.40%.
- Free cash flow margin 23.66% ($1.42B).
- Net income down ▼ +92.3% YoY.
- Debt/equity 0.62, current ratio 3.46, net debt $990.4M.
- Asset turnover 0.44 — capital efficiency.
Revenue (FY)
$6.00B
YoY -15.3%
Net margin
2.02%
▼ 20.83pp
ROE
1.58%
ROA 0.97%
ROIC
0.79%
EPS (diluted)
$0.29
FY2025
Free cash flow
$1.42B
23.66% margin
Debt / equity
0.62
Cash $3.51B
Current ratio
3.46
Equity $7.22B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $7.08B | -14.2% | 45.41 | 24.96 | 22.21 | $1.21B | 17.88 |
| 2025 | $6.00B | -15.3% | 33.09 | 1.40 | 2.02 | $1.42B | 1.58 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Jul 1, 2016 | $877.8M | — | — | 2.86% |
| Sep 30, 2016 | $950.9M | — | +8.3% | 1.06% |
| Mar 31, 2017 | $1.44B | — | +51.1% | 5.44% |
| Jun 30, 2017 | $1.34B | — | -6.9% | 7.02% |
| Sep 29, 2017 | $1.39B | — | +4.0% | 7.82% |
| Mar 30, 2018 | $1.38B | — | -1.0% | 10.13% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score -50Deteriorating
95% conf
Market cap $29.81B at $76.58 per share. Trailing P/E 264.07, P/S 4.97, P/B 4.13. EV/Operating income ≈ 365.84 (EV $30.80B).
- Market cap $29.81B at $76.58 per share.
Market cap
$29.81B
389.31M shares
P/E (ttm)
264.07
P/S
4.97
P/B
4.13
EV
$30.80B
Intrinsic (DCF)
$61.15
-20.1% vs price
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score -70Deteriorating
85% conf
Price $76.58 — downtrend (below 200-DMA); 1-month momentum negative. RSI(14) 36.82.
- Price $76.58 — downtrend (below 200-DMA); 1-month momentum negative.
Price
$76.58
NMS
RSI(14)
36.82
50-DMA
$94.34
200-DMA
$76.86
Volatility (ann.)
62.78%
52w range
$44.56–$134.92
-43.2% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.71%
10Y−2Y
0.46pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score 5Stable
90% conf
Composite risk Moderate. Leverage debt/equity 0.62 (moderate). Liquidity current ratio 3.46 (adequate).
- Composite risk: Moderate.
Risk level
Moderate
Debt / equity
0.62
Current ratio
3.46
Margin stdev
12.55pp
Cash / assets
26.06%
Liab / assets
46.32%
ProFull breakdown & reasoning locked
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. ON Semiconductor Corp. is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
15.84
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewMarket regime: Risk-on · Supportive..
Risk
Moderate
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow ON stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| CF Industries CF | 33 | Supportive |
| MercadoLibre Inc. MELI | 32 | Supportive |
| Booking Holdings BKNG | 32 | Supportive |
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| Intuit Inc. INTU | 28 | Supportive |
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| Microsoft Corp. MSFT | 19 | Supportive |
| Adobe Inc. ADBE | 18 | Supportive |
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| Netflix Inc. NFLX | 17 | Supportive |
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| ON Semiconductor Corp. ON● you | -46 | Supportive |
| Tesla Inc. TSLA | -47 | Supportive |